The Nasdaq and S&P 500 also notched record closes
Stocks held onto their gains on Friday to wrap up a successful week, after a lackluster January jobs report gave investors hope the pace of stimulus negotiations would pick up in Washington, D.C. The Dow added roughly 92 points for the day, joining the S&P 500 for a fifth consecutive win — their longest winning streak since August. The latter also nabbed another record close alongside the tech-heavy Nasdaq Composite. For the week, all three benchmarks logged their biggest weekly wins since November.
Democrats are going full-speed ahead with President Joe Biden’s $1.9 trillion stimulus package, regardless of Republican support. An upbeat earnings season also gave Wall Street a leg up this week, with more than 84% of reporting S&P 500 companies beating estimates. In turn, Wall Street’s “fear gauge” — the Cboe Market Volatility Index (VIX) — is down for its fifth-straight loss.
Continue reading for more on today’s market, including:
- Cannabis stocks fly high thanks to Biden administration buzz.
- A blowout quarterly report gave Regeneron stock a boost.
- Plus, Peloton stock takes a breather; online real estate stock shows off after upgrade; and PLAY looks poised for a breakthrough.
The Dow Jones Industrial Average (DJI – 31,148.24) rose 92.4 points, or 0.3% on the day, and almost 4% on the week. Nike (NKE) led the Dow components with a 3.2% rise, while UnitedHealth Group (UNH) paced the laggards, falling 1.5%.
Meanwhile, the S&P 500 Index (SPX – 3,886.83) added 15.1 points, or 0.4% for the day, and 4.7% for the week. The Nasdaq Composite (IXIC – 13,856.30) was up 78.6 points, or 0.6% for the day, and 6% for the week.
Lastly, the Cboe Volatility Index (VIX – 21.77) lost 0.8 point, or 3.8% for the day, and 36.9% for the week.
- More than 1,000 active-duty troops will help deliver Covid-19 vaccines across the nation, with some arriving in California within the next 10 days to begin operations on Feb. 15. (CNBC)
- Brokerage firm Robinhood has lifted the restrictions it placed on GameStop (GME) and AMC Entertainment (AMC) after last week’s Reddit-fueled trading frenzy. (MarketWatch)
- Peloton stock cools off post-earnings on a lackluster quarterly forecast.
- This online real estate stock surged to record highs after a lofty upgrade.
- Dave & Buster’s Entertainment stock could break out of a technical downtrend.
Worse-Than-Expected Jobs Data Helps Gold Gain
Oil prices surged on Friday to finish the week on a high note, with Brent crude prices working towards their highest level in over a year near the $60-per-barrel mark. Higher demand, as well as production cuts from the Organization of the Petroleum Exporting Countries’ and its allies (OPEC+), helped the commodity higher. As a result, March-dated crude added 62 cents, or 1.1%, to settle at $56.85 per barrel for the day. For the week, it jumped 8.9%.
Gold prices also rose on Friday, though the safe-haven metal still posted a 2% weekly loss. A worse-than-expected January jobs reports indicated a slow recovery of the economy, giving the commodity a boost after a volatile week positioned its counterpart, silver, as the internet’s latest trading target. In response, April-dated gold added $21.80, or 1.2%, to settle at $1,813 an ounce.